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Is Parity Vote Behind Ethereum’s (ETH) Northward Drive To $650?

The cryptocurrency market is moving northward this days, however, it is important to discuss what is behind the recent bullish run. Ethereum, the second altcoin by market capitalization is also witnessing the same. The altcoin has risen far above $600, and now switches a little below $640 as at the time of writing this article. According to observers, the surprising move could be linked to this weekend’s parity vote which ends tomorrow.

Dubbed as ‘the most fascinating vote in the history of cryptocurrency’ by analyst, the on-going vote has 7 days span. The reason behind the vote is whether the Parity’s 500,000 eth that was mistakenly frozen because of a noticed bug on Parity’s multi-sig should be returned or confiscated. Now 55.6% of Ethereum HODLers are in support of the restoration, while 44.4% do not want it restored. If the yes have it, there will be no choice than to return the fund to Parity.

The question at hand now is that does the ongoing Parity vote have effect on the price of Ethereum in the market or will it add to the value as time goes on.

It is worthy to note that the cryptocurrency space is currently witnessing a boom, it cannot be categorically stated that Ethereum is up in the sky because of the Parity vote. Considering the recent favourable news that Ethereum community have received, the increased value of Ethereum cannot be linked to Parity alone. Until the vote ends, and the fund is returned, it is hard to say that the massive hick in price is because of the vote. However, if the fund is returned, it shows that the users of Ethereum controls the future of the blockchain, and hence, may bring good name to Ethereum. This will translates to a market boom.

How Did The Freeze Happened?

Parity is an Ethereum software client. A code flaw in the software resulted in freezing of $160 million worth of Ether on Monday November 6th 2017. The freeze caused distress and anxiety to the community and affected around 500 eth wallet.

According to the team behind Parity, “a vulnerability in the “library” smart contract code, deployed as a shared component of all Parity multi-sig wallets deployed after July 20th 2017, was found by an anonymous user. The user decided to exploit this vulnerability and made himself the “owner” of the library contract.”

“The user destructed this component. Since Parity multi-signature wallets depend on this component, this action blocked funds in 587 wallets holding a total amount of 513,774.16 Ether as well as additional tokens. Subsequent to destroying the library component, someone (purportedly this same user) posted under the username of “devops199” issue #6995 that prompted our investigation into this matter.”

If the fund is returned, it is going to relieve the team behind Parity and give the Ethereum community a major boost, hopefully.

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TRON’s $1.7M Airdrop To Ethereum Community Is A Potential Killer

The launch of TRON testnet signals that TRX will soon leave the ERC20 network and move to its personally developed mainnet, which will provide dependable futures for users and developers. Not long after TRON revealed the launch, it stated that the mainnet will be fully deployed in May and that anything that has to do with TRON will move out of ERC20 network, a platform owned and managed by Ethereum.

Now, the TRON team has aired that it earmarked 30 Million TRX (equivalent to approx. USD$1.7M) airdrop to Ethereum community as an appreciation towards Ethereum for their “support during TRON’s ERC20 phase in addition to preparing for the Super Representative Elections after mainnet launch”.  While TRON is making all these moves, the cryptocurrency is as well revealing it will soon be a competitor to Ethereum, and will soon outsmart the platform by becoming a DApp platform. The revelations did not go down well with Ethereum, resulting in the CEO, Vitalik Buterin saying the project has no soul. There is a sense in accepting that one has competitors, there is also a sense in accepting that one’s competitors are not reliable. Maybe Vitalik has chosen to accept the later and move on.

It is a fact that TRON is now Ethereum’s competitor, and the platform is doing everything to become more acclaimed than Ethereum is. This is visible in Justin Sun, founder of TRON’s statements and body languages.

“From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a DApp platform,” Sun had said during the launch of testnet.

“We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future.”

After declaring to be Ethereum’s competitor, the platform unveiled a whopping sum airdrop purposely for Ethereum community. This is a potential killer for Ethereum, it is in many ways!

The Airdrop Is Nearly For Every Ethereum Users.

The airdrop is majorly for those who have a balance of over 1 ETH after January 1, 2018. It appears like TRON wants to give nearly all Ethereum users the opportunity. Doing this will give Ethereum investors an avenue to experience the newest generation decentralized network and participate in community governance because according to TRON, there are many issues on Ethereum platform that TRON has solved on its main Network.

The airdrop as well gives the Ethereum community an opportunity to experience a high transaction per second development platform and use TRX to vote in TRON’s democratic community. This is saying something that the Ethereum community might not understand. Even though the TRON’s team did not state that Ethereum’s platform is not decentralised, they believe theirs is more decentralized, hence, the reason for Ethereum community to have a taste of a new generation democratic platform. This is purely an enticement for Ethereum community, and it may kill Ethereum, or make it HODlers believe in TRON.

Remember TRON is Moving Everything It Has Out Of Ethereum’s Platform?

TRON team will not only migrate to mainnet, it will as well have its DApps which are right now on Ethereum moved to TRON network. At present, TRON has 100 million users on its DApps, and all the DApps will be migrated to the new platform once it is launched.  There is no way Ethereum won’t feel this, but it will feel the $1.7 Million airdrop the most.

TRON Donates 1 Billion USD To Community

Funny how TRON donated $1.7 Million to Ethereum community, and now the platform is donating $1 billion to its community. The fund is purposely for developers and supporters to make TRON grow. Meaning, in few months after the launch, DApps will flood Mainnet and possibly outnumber that of Ethereum. The way TRON is moving, it actually wants to kill Ethereum, or possibly make it hibernate from the crypto space and if possible render its DApp platform useless.

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Bitmain Unveils First Ethereum ASIC Mining Gadget

Bitman, a China-based Bitcoin mining firm and manufacturer of ASIC (Application-specific integrated circuits) has again made known it will start selling and shipping the newly unveiled Ethereum mining gadget on 16th July 2018.

Bitmain announced last month that it has also designed a new ASIC-powered Antminer X3 purposely to mine Monero and cryptocurrencies that are dependent on CryptoNight algorithm. The development was met with threat by Monero Developers, claiming to go any length in fighting miners.

However, the newly released Antminer E3 is deployed to mine Ethereum, it has a power consumption of 800W and goes for 800 USD per unit. The mining company on its website says it is sticking to restriction on shipping to customers from China and Taiwan. It also says it will restrict orders to “one unit per user”. Since the announcement was made, Bitmain says the gadgets have been completely pre-ordered.

Meanwhile, users have raised interest on the new device saying it is a good idea for the mining community. The device, according to Bitman can be purchase using with Bitcoin Cash (BCH) and USD.

Series of information have been aired on the new product prior to the announcement date. CNBC, analyst Christopher Rolland, revealed that Bitman was cooking a new device to mine Ethereum crypto asset.

“During our travels through Asia last week, we confirmed that Bitmain has already developed an ASIC [application-specific integrated circuit] for mining Ethereum, and is readying the supply chain for shipments in [Q2 2018]”, stated Rolland.

Founded in 2013, Bitmain, is a firm that produces ASIC chips and mines Bitcoin. The firm as well operates Antpool, which observers say it is the largest Bitcoin mining pools. ASIC, a device by Bitman has been mining Bitcoins for many years.

Does Mining Has A Future?

Cryptocurrency mining has evolved into a big business with the invention of software and hardware. Country like China is receiving a great boost in mining operations despite the country’s stiff policies on cryptocurrency. Different observers have said a lot about mining’s next big boom. It is still possible that some countries will be going into mining to get digital coins to finance their country. However it is not clear what the future of mining is.

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NEO (The Chinese Ethereum) Takes 8th Market Place – Price Will Continue Surging $30.00

NEO – in the past known as Antshares – has taken a major step towards price recovery after its last week price ‘water deep-dive’ to only $13.29 which was almost $40 in the negative compared to its peak $50.10 a month earlier.

That was understandable as the “Chinese Ethereum” is generally a Chinese Coin with Bitfinex as the second in-lead for daily trading volume out of the exchanges that pair NEO with any currency.

NEO future

Source: Coinmarketcap

Major psychological resistance trend line was broken below the $20.00 which changed a declining flow the NEO/USD has taken since its highest spike in Aug 14 – The particular action opened gates for more increase as it is experiencing now.

With a market capitalization of $1.477 bln NEO has surpassed IOTA and Monero once again being ranked 8th in the top ten list by market cap of the leading virtual currencies pack.

With the ban on exchanges, and the generally anti-cryptocurrency sentiment in China, some thought NEO would simply cease to exist. However, just a week after having to repay some of its initial investors, the altcoin has regained much of what it lost.

Very stable performing by the cryptocurrency as it regained more than 100% increase per coin passing the $26 since its lowest $13.29.

Well cemented positioned to turn out as the best cryptocurrency and application platform in China. The crackdown could be turning out better than anybody thought for NEO.

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